Final answer:
If ending inventory in year 1 is misstated, the cost of goods sold (COGS) for year 1 must also be misstated. COGS is calculated using ending inventory figures, so any misstatement directly affects it.
Other related figures like goods available for sale or purchases may not be directly impacted by an inventory misstatement.
Step-by-step explanation:
If ending inventory in year 1 is misstated, then year 1's cost of goods sold also must be misstated. When calculating cost of goods sold (COGS), inventory values are crucial as COGS is computed by adding the beginning inventory to purchases during the year and subtracting the ending inventory. If the ending inventory is incorrect, it directly affects the COGS calculation.
The other two options, goods available for sale and purchases, are not necessarily misstated due to an error in ending inventory alone. Goods available for sale is the sum of beginning inventory plus purchases, while purchases is an independent number not directly affected by ending inventory inaccuracies.
However, it's important to recognize that an accurate measurement of inventories is essential for reliable financial reporting and can impact economic indicators like GDP, as inventories are a component of the national income approach to measuring a nation's output.